A Sharp Crypto Market Correction Weakens Ripple
Despite a brief rise of Bitcoin (BTC) above $107,000, investors’ joy was short-lived. The entire crypto market is currently undergoing a severe correction, dragging down the altcoin Ripple (XRP).
In just a few hours, the token lost over 5% of its value, dropping from $2.44 to $2.30. This sudden decrease is due to the strong correlation between the price of Ripple and Bitcoin’s movements. When the largest cryptocurrency in terms of market capitalization experiences drastic changes, altcoins like XRP directly feel the consequences.
Ripple is now trading near a major technical support level between $2.30 and $2.35. However, this buying zone is becoming increasingly fragile. A break below this level could pave the way for a new decline towards the demand zone highlighted in green at $2.20.
To resume an upward trend, XRP must first reclaim the $2.40 mark. Beyond that, the levels of $2.45 and $2.50 will become potential targets. Without confirmation of this optimistic scenario, selling pressure continues to dominate the market.
However, XRP still has this huge downward trendline below $2.1. There is a high probability that it will retest this level in the coming weeks. Moreover, if the price falls below $2, XRP is likely to return to the zone between $1.64 and $1.30, representing a potential drop of over 30%.
The May 19 announcement and volatility, an increased risk for XRP investors
The current context of low volatility in the crypto market exacerbates price movements. Even slight variations can lead to significant liquidations of leveraged positions. In this uncertain climate, Ripple remains particularly vulnerable.
Without a sustained stabilization of Bitcoin above $100,000, it will be challenging for XRP to break out of the overall bearish trend. Investors will need to exercise caution and await a clear technical confirmation before increasing their positions.
The drop in Ripple’s price occurs within a global context of market crypto stress. As long as Bitcoin does not find a clear direction, XRP will remain under pressure and likely to extend its downward movement.
The current technical levels suggest many liquidations in the coming days, where prices could act sharply. For French investors, it is therefore recommended to wait for a trend clarification before taking a position on Ripple.
It is worth mentioning that May 19 is an important date for Ripple, as the launch of the XRP Futures ETF is scheduled for today. The token could react in either direction.
To buy XRP, here is a practical guide to easily get it on Bitget:
- Create a Bitget account
Sign up on Bitget with your email or phone, validate the code sent, and activate 2FA for securing your account. - Verify your identity (KYC)
Submit an ID document to complete the KYC verification, necessary for trading. - Add funds
Deposit cryptos (USDT, BTC) or fiat via a credit card (Visa, Mastercard) or bank transfer in the “Deposit” section. - Access the XRP market
Go to the “Spot Market,” search for “XRP,” and select the XRP/USDT pair. - Make the purchase
Choose a market order (immediate purchase) or limit order (set price), indicate the quantity, and validate.
